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Revenue
₹11,164 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
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Quarter read
What the record says.
Petronet LNG reported a mixed Q3 FY26 with PAT of ₹848 cr (down 2.2% YoY) despite record capacity utilization at Kochi terminal at 29% and Dahej at 94%. Overall LNG volumes processed grew 2% YoY to 233 TBQ, supported by softer LNG prices boosting offtake from existing customers. Management highlighted strong competitive advantages at Dahej (lowest regas charges, 35 MTPA evacuation capacity) and expects Kochi-Bangalore pipeline connectivity by June 2026, which could unlock significant CGD demand. The petrochemical project at Dahej remains on track with ₹7,500 cr capex planned for FY27. Key risk: execution and timely tie-up of long-term contracts for the 5 MTPA Dahej expansion and Gopalpur terminal.
Colored figures show movement against the previous available record.
Guidance to track
- The 5 MTPA capacity expansion at Dahej (to 22.5 MTPA) will be mechanically completed by end of FY26.
- Pipeline connecting Kochi terminal to national grid expected by June 2026, enabling access to CGD markets.
- Includes ₹7,500 cr for petchem, ₹800 cr for third jetty, and balance for other projects.
- Despite large capex, management expects to maintain healthy dividend payout ratio.
Risks flagged
- ₹49 cr UoP charge for CY22 due by Dec 2025 but not yet received; bank guarantees valid till March 2026.
- Ministry of Environment sought clarifications; positive outcome expected but timeline uncertain.
- Renewal of 7.5 MTPA capacity agreements with GSPC, IOC, BPCL under discussion; commercial terms undisclosed.
- Power sector demand materializes only at LNG prices around $7-8/mmBtu; current prices may not sustain.
Key quotes
- We are one of the lowest cost operator and our charges are also one of the lowest in the industry.
- India is at the cusp of the opportunity available in the world like universe is favoring India at this opportune time and gas demand is expected to more than double in next 5 to 7 years.
- We have a healthy cash balance carrying in our books. So we expect to maintain the similar range of dividends.
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